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Can a creditor reopen an account once it has been reported to the credit agencies as a charge off?
Most creditors will say no. What can be done: 1. the creditor can change the rating on the account if you have proof that it was paid on time with the borrower getting a letter stating that they did just that. Follow up with the 3 credit reporting companies to make sure this is done. 2. the creditor can start a whole new account--that will allow you to pay this one on time, giving you a 2nd chance. KEEP ANY LETTER YOU GET THAT CHANGES YOUR REPORT AS THE POSSIBILITY THAT YOU WILL NEED IT AGAIN IS VERY HIGH!!! On a charged off account, most corrections have to be done by hand--alot of times this is not done (for whatever reason) and your letter is the only proof of what was done.
How can you find out if certain creditors have been marked charged off and it's not showing in your credit report?
The only true way to know is either try contacting the creditor or keep a close eye on your credit report. If the account isn't showing on your credit report and you receive no coorespondence from a creditor, it can be very difficult. If you suspect an account is in default of contract and you cannot find information on the account, understand that if it isn't initially reported, the chances of it being reported are not very great.
Is there a form letter a person can write to close old charge accounts?
It doesn't need to be anything fancy. Just keep it simple. "Dear Creditor: I will no longer be using your credit card. Please close my account and report the account to the creditor bureaus as being closed at my request."
Is it legal for the lender to keep adding fees after the account is charged off?
It depends on the contract between the credit grantor and consumer, type of account and applicable state and federal laws. Many federal and state regulations, as well as card holder agreements, allow interest penalties to accrue. Yes. A charge off does not mean the debt is not owed and subject to collection. It indicates that the original creditor is closing the account for tax and accounting purposes and is referring the delinquent account to collections.
If a credit card company shows an account as charged off every month does this keep it from every having a date of last activity reported?
Updating the status, or reporting, of a charged off account is NOT SUPPOSED TO have any bearing on the DLA, or how long an account shows on your credit report. (although it does cause this account to affect your credit score) If the account in question originated prior to December 1997, there is no set way to establish the DLA. For any account originated after that time, the Fair Credit Reporting Act sets out a method by which the DLA is established. FCRA 15 USC 1681c(c)(1) "...the 7-year period...shall begin...upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency, which immediately preceded the...charge to profit and loss..." According to this law, the DLA is the last time the account was paid as agreed immediately before it becomes delinquent and gets charged off, plus 180 days (standard in the credit industry for "in-house" collection efforts), plus 7 years. This is the date of last activity on any account, so nothing changes that date. If this date DOES get changed, (re-aging) that would be a violation and grounds for a lawsuit. Once again, this would not apply for accounts that orignated prior to Dec. 1997.
How does a creditor know where your bank is?
can you keep a creditor from finding your account
Can a creditor reopen an account once it has been reported to the credit agencies as a charge off?
Most creditors will say no. What can be done: 1. the creditor can change the rating on the account if you have proof that it was paid on time with the borrower getting a letter stating that they did just that. Follow up with the 3 credit reporting companies to make sure this is done. 2. the creditor can start a whole new account--that will allow you to pay this one on time, giving you a 2nd chance. KEEP ANY LETTER YOU GET THAT CHANGES YOUR REPORT AS THE POSSIBILITY THAT YOU WILL NEED IT AGAIN IS VERY HIGH!!! On a charged off account, most corrections have to be done by hand--alot of times this is not done (for whatever reason) and your letter is the only proof of what was done.
Does a lender keep a record of debts passed on for collection?
It is considered a "write off"; which benefits the original creditor due to financial loss. Some creditors will keep your original information, and others simply give up those rights to third party collection agency. Once a payment is made, they notify the original creditor that your account was paid off in full in order to update this informaiton with the bureaus that they are reporting with.
How can you find out if certain creditors have been marked charged off and it's not showing in your credit report?
The only true way to know is either try contacting the creditor or keep a close eye on your credit report. If the account isn't showing on your credit report and you receive no coorespondence from a creditor, it can be very difficult. If you suspect an account is in default of contract and you cannot find information on the account, understand that if it isn't initially reported, the chances of it being reported are not very great.
If a car is already charged off on your credit how long do they keep looking for it in California?
Until they find it. If it is charged off on your credit report then the creditor sold the note to a collection agency who will hire a repo-man to track down the car so they can recover it and sell it to make the money back that they paid to creditor for it.
What does the term minimum payment mean?
That is the smallest possible periodic payment to a creditor that is necessary to keep the credit account in good standing.
Is there a form letter a person can write to close old charge accounts?
It doesn't need to be anything fancy. Just keep it simple. "Dear Creditor: I will no longer be using your credit card. Please close my account and report the account to the creditor bureaus as being closed at my request."
Is it legal for the lender to keep adding fees after the account is charged off?
It depends on the contract between the credit grantor and consumer, type of account and applicable state and federal laws. Many federal and state regulations, as well as card holder agreements, allow interest penalties to accrue. Yes. A charge off does not mean the debt is not owed and subject to collection. It indicates that the original creditor is closing the account for tax and accounting purposes and is referring the delinquent account to collections.
Can you be charged a late fee on a closed credit card account?
They can try, but its illegal. Always keep written proof of your request to close your account, then they have no loegal grounds. A written statement of account closure they have to close your account by law
Can a collection agency or the original creditor keep changing your Date Of Last Activity even if you have not been in touch with them for years?
Yes, just about anything is possible. But changing the date of last activity on a derogatory account, known as "re-aging", is a violation of the Fair Credit Reporting Act. If this is something you have proof of, you would be able to file suit for willful violation of this provision of the law.
Do I need a business bank account for my LLC?
Yes, it is recommended to have a separate business bank account for your LLC to keep your personal and business finances separate, maintain legal protection, and simplify accounting and tax reporting.
Does my LLC require a business bank account?
Yes, it is recommended for your LLC to have a separate business bank account to keep your personal and business finances separate, maintain legal protection, and simplify accounting and tax reporting.
